In 1822, Britain leaves the recession of the post-war period. The Napoleonic Wars had cost the nation an estimated £83 billion in modern terms – it is the most expensive war so far. The country’s debt is almost 200% of its GDP in 1822; this, however, is already better than in 1819, when the debt peaked at around 260 percent of the GDP.
Government deficits are financed either by short‐term Exchequer Bills, or by long‐term financing as perpetual bonds, with annual interest rates about 5, respectively 3, percent. This system of financing brings important benefits: With the return of peace, their prices would rise, adding to the bondholders’ wealth in this way. This money then provides much of the finance underpinning for the “take‐off ”-stage of the Industrial Revolution.
Economic grows begins to pick up pace. The general price level falls. Additionally, reforms for free trade start. Britain sees some prosperity.
Find out more about innovations, fashion, celebrities, and social news of this exiting year in England. Continue reading
When George IV. spent £24,000 on an outfit, and other events of 1821
The death of Britain’s archenemy, an extravagant Coronation, and the building of the very first electric motor are among the events of a year still marked by the economic depression after the Napoleonic Wars.
With George IV. ascending the throne, the Regency period comes to an end. The world has changed a lot since he ruled the country as Prince Regent from 1811, and even more since the period’s key-persons were born.
Which political, scientific, social, and literary events and anniversaries are of interest to Regency Enthusiasts in 2021? Have a look at my list of 21 events of 1821 here: Continue reading
The year Napoleon shot the goat that ate his plants and other events of 1820
A secret submarine plot, death in the Royal family, and the Queen’s trial are events of a year marked by political unrest and economic depression.
After the Napoleonic Wars the economy was still down, and important reforms had been delayed over the wars. The fear of Napoleon’s influence was still tangible, with rumours about his possible escape from St. Helena becoming stronger by the end of the year. Additionally, the monarchy was in a crisis, shaken by death and scandal.
Which political, scientific, social, and literary events and anniversaries are of interest to Regency Enthusiasts in 2020? Have a look at my list of 20 events of 1820 here: Continue reading